• Source:JND
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EPFO Withdrawal Limit Increases:  As we all know employees can withdraw sums from their Employee's Provident Fund (EPF) contributions and many have done so for one or other reasons. Now, the Employees' Provident Fund Organization (EPFO) has increased the eligibility limit for paragraph 68J claims for processing motor claims. The limit was raised from Rs 50,000 to Rs 1 lakh, which was also implemented in the application software on April 10, 2024, the EPFO stated in a circular released on April 16, 2024.

What can be claimed under paragraph 68J

- EPF subscribers can apply for an advance under paragraph 68-J of the EPF scheme towards the medical expenses of themselves and their dependents.

As per section 68-J, members may request an advance from the Fund for medical treatment in particular circumstances, such as if they are hospitalized for a month or more, undergo major surgery in a hospital, or are suffering from tuberculosis, leprosy, paralysis, cancer, mental illness, or heart disease.

- Remember, a member will not have to provide a proforma, medical certificate, or any other sort of documents to be eligible to receive an advance under section 68-J.

- Members with physical disabilities may apply for an advance payment for the purchase of equipment under paragraph 68-N to mitigate difficulties related to their disability. This section permits withdrawal only on the presentation of a medical certificate from an authorized doctor or an officer designated by the EPFO.

- The member's basic salary and dearness allowance for six months, his individual contribution and interest thereon, or the cost of equipment, whichever is less, shall be subject to the maximum amount payable by paragraphs 68-J and 68- N.

- As per the EPFO circular dated April 16, 2024, “It is informed that the competent authority has approved the motor claim settlement limit under para 68J from Rs 50,000 to Rs 1,00,000 and the same has also been implemented in the application. software has been made. April 10, 2024. This is for everyone's information and future necessary actions.

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EPF Account: Steps to claim for EPF withdrawal

An EPF subscriber is eligible to make partial withdrawals for several reasons, such as his or her child's wedding, purchase of a house, repayment of a home loan, medical emergency, or renovation of a house. It is critical to keep in mind that for most of these withdrawals, the subscriber must have contributed to the EPF for at least five to seven years, depending on the specific circumstance.

Process to withdraw

- First Login to the member interface using UAN credentials and password.

- Next, Verify the KYC and service eligibility conditions specified in your UAN, It should be correct.

- Choose the appropriate claim.

- Authenticate yourself using the OTP received on the mobile phone registered with UIDAI to finalize the online claim submission.

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